Howard Schultz Once Said 'The Shame' He Had As A Poor Kid Gave Him The Courage To Chase His Destiny: 'The Family Had No Income, No Health Insurance…'

Benzinga_recent_news03-19

Former Starbucks CEO Howard Schultz once credited his difficult childhood for the drive and determination that propelled him to build one of the world's most recognizable coffee brands. "The shame I ...

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Bancorp","start_time":0,"source_url":"https://www.benzinga.com/markets/tech/26/03/51345336/howard-schultz-once-said-the-shame-he-had-as-a-poor-kid-gave-him-the-courage-to-chase-his-destiny-the-family-had-no-income-no-health-insurance","article_id":"2620290810","we_media_id":null,"thumbnails":["https://cdn.benzinga.com/files/images/story/2026/03/18/Man-Jumping-Over-Precipice-Between-Two-R.jpeg?optimize=medium&dpr=2&auto=webp&width=240"],"rights":{"source":"benzinga_recent_news","url":"https://www.benzinga.com/markets/tech/26/03/51345336/howard-schultz-once-said-the-shame-he-had-as-a-poor-kid-gave-him-the-courage-to-chase-his-destiny-the-family-had-no-income-no-health-insurance","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2620290810","pubTimestamp":1773886320,"columns":[],"sourceInfo":{"source_id":"benzinga_recent_news","name":"Benzinga"},"weMediaInfo":null,"summary":"Howard Schultz credits his challenging childhood in Brooklyn's 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world's most recognizable coffee brands.\n\"The shame I had as a poor kid living in the projects…gave me the courage, the conviction, and the drive to try and do something I felt I was destined to do,\" Schultz said during a 2024 interview on the Acquired podcast.\nBorn in Brooklyn, New York, Schultz grew up in federally subsidized housing in Canarsie, facing financial struggles and family challenges.\nHis father, Fred Schultz, worked multiple blue-collar jobs but never earned more than $20,000 a year and was unable to afford a home, CNBC reported.\nIn his book, \"Pour Your Heart Into It: How Starbucks Built a Company One Cup at a Time,\" Schultz noted that his \"family had no income, no health insurance… nothing to fall back on.\" \nHe highlighted the hardship his family endured after his father's workplace accident.\nSchultz became the first in his family to graduate college, earning a football scholarship at Northern Michigan University.\nAfter college, he worked in sales and marketing at Xerox for three years and later served as vice president and general manager at Hammarplast U.S.A., gaining early business experience.\nDuring the podcast, whenever Schultz was asked what helped him build Starbucks, the former executive went back to his childhood.\nThe combination of early rejection, financial hardship and exposure to corporate opportunity gave him a perspective few others had.\nSchultz joined Starbucks in the 1980s, when it was a small Seattle-based coffee roaster.\nA 1983 trip to Milan inspired his vision of the Italian espresso culture, prompting him to imagine coffee shops as \"third places\" between home and work, Fortune noted.\nAfter initially leaving Starbucks to launch his own venture, Il Giornale, Schultz returned in 1987, acquiring Starbucks for $3.8 million.\nThe company went public in 1992 and expanded to more than 35,000 stores worldwide.\nSchultz held the role of CEO on three separate occasions—first from 1987 to 2000, then from 2008 to 2017 and briefly again in 2022-2023—each time stepping in to guide and stabilize the company.\nAccording to Forbes, Schultz currently has a net worth of $3.4 billion.\nDisclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.\nPhoto Courtesy: PHOTOCREO Michal Bednarek on Shutterstock.com\nTo add Benzinga News as your preferred source on Google, click here.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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